Pine Labs & Axis bank launch UPISetu, India’s UPI-focused payments platform

By Gloria Mathias

Setu, a Pine Labs company, has launched UPISetu, India’s UPI-focused payments platform for businesses and developers, in partnership with Axis Bank.

UPI’s integration with credit cards, wallets, and credit lines points to an increasingly UPI-first world where businesses need a unified platform to cater to the rising adoption among customers. UPISetu, launched by Pine Labs, addresses this need by providing a dedicated platform that leverages UPI’s full potential to deliver the latest from NPCI to the market as quickly as possible.

NPCI’s UPI has seen a meteoric rise in India, with Person-to-Merchant (P2M) transactions alone witnessing a phenomenal rise of 241% from 2.56 billion transactions in June 2022 to 8.72 billion transactions in June 2024.

With nearly 8 out of 10 digital payments made through UPI and India contributing to nearly 46% of the world’s digital transactions, Pine Labs asserts that UPI will be the new Payment Gateway of Choice and, therefore, aims to continuously build innovative products and solutions to strengthen India’s digital payments ecosystem.

“Now is the time, and this is the moment, to build around this massive consumer-led UPI growth in India. As ‘Credit on UPI’ gains momentum and there exists a pressing need to drive payment transaction success rates, UPISetu will be a game-changing launch for the ecosystem. We believe the world will increasingly be UPI-first thanks to the pioneering efforts of NPCI in India and overseas,” said B Amrish Rau, CEO of Pine Labs.

Sanjeev Moghe, President & Head of Cards & Payments at Axis Bank, said, “At Axis Bank, we are dedicated to delivering a seamless payment experience to our end users. Our ongoing efforts focus on forging strategic alliances and developing digital payment solutions that cater to our customers’ evolving needs. Our partnerships with Setu and Pine Labs reinforce our commitment to the digitization of the merchant ecosystem. Furthermore, our provision of scalable, cloud-hosted infrastructure to our merchant partners highlights our dedication to offering reliable, innovative, and industry-leading business solutions in the UPI space.”

UPISetu supports a wide range of UPI products, from basic QR code payments to other popular collection modes like UPI Autopay, EMI, and Third-Party Validation (TPV) services. It also incorporates advanced functionalities like brand and bank offers, advanced dispute resolution, instant cashback, and refunds, catering to the needs of diverse industry verticals, banks, and brands in India.